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World’s First Carbon Import Tax Approved by EU Lawmakers
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wsj.comThe European Union’s parliament approved legislation to tax imports based on the greenhouse gases emitted to make them, clearing the final hurdle before the plan becomes law and enshrines climate regulation in the rules of global trade for the first time.
Tuesday’s vote caps nearly two years of negotiations aimed at pushing economies around the world to put a price on carbon-dioxide emissions while shielding the EU’s manufacturers from countries that aren’t regulating greenhouse-gas emissions as strictly, or at all. The tax gives credit to countries that put a price on carbon by deducting payments for overseas carbon emissions when goods arrive at EU borders.
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